Middle East crude benchmark Dubai retreated after hitting a month’s high last week, while two more Upper Zakum cargo deliveries emerged on Monday.

However, IFAD Murban’s premium to Dubai quotes continued to extend its climb, edging up to $1.65 a barrel on Monday.

Asian demand for light sour grades such as Murban has been firm in the month amid a wide Brent-Dubai spread, which makes Middle Eastern oil more economically attractive versus Brent-linked grades from other regions.

Based on crude oil brokers, Brent’s premium to Dubai crude for October was pegged at about $2.35 a barrel on Monday, widening from the previous session.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 10 cents to $1.03 a barrel.

Gunvor will receive one October-loading Upper Zakum crude cargo from P66, while Vitol will receive one October-loading Upper Zakum crude cargo from Trafigura.

The U.S. is buying nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve after the largest sale ever from the facility in 2022, the Energy Department said on Friday.

Sinopec posted a 2.6% rise in net profit for the first half of the year, it said on Sunday, as record oil and gas output compensated for falling domestic demand for refined fuel and petrochemicals.

Russia has increased fuel oil exports in August so far after completing maintenance at some oil refineries, the Kommersant daily reported on Monday citing information from data and analytics group Kpler.

Equinor plans to invest 60 billion crowns-70 billion crowns ($5.7 billion-$6.7 billion) per year offshore Norway towards 2035 as it expects continuing strong demand for oil, it said on Monday.

New Zealand said on Monday it would pass laws by the end of this year to reverse a ban on offshore oil and gas exploration, and take urgent steps to remove regulatory hurdles to import liquefied natural gas amid energy shortages.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Mrigank Dhaniwala)